China Yuchai International Announced Guangxi Yuchai Machinery Co Subsidiary Added to Unverified List

Author: Charles Gross | October 16, 2022 08:05am
The Board of Directors of China Yuchai International Limited (NYSE:CYD) ("China Yuchai" or the "Company") wishes to announce that the Company recently noted that the Bureau of Industry and Security (the "BIS") in the Department of Commerce of the United States of America (the "U.S. Department of Commerce") added the Company's subsidiary, Guangxi Yuchai Machinery Co., Ltd., to the Unverified List, which is set forth as a supplement to the Export Administration Regulations ("EAR"). The Company understands that GYMCL has been proactively addressing the matter.  As at the date of this announcement, GYMCL's business is operating normally with no major supply chain impact. Based on information released by the U.S. Department of Commerce, entities are added to the Unverified List as the BIS was unable to verify their bona fides because an end-use check (i.e. the legitimacy and reliability relating to the end use or end users of items subject to the EAR) could not be completed satisfactorily for reasons outside the U.S. Government's control. The Company understands that an entity's listing on the Unverified List does not mean that U.S. exporters cannot engage with the parties listed. Rather, the U.S. exporters will have to conduct additional due diligence to verify end use or end users of final products before exporting the goods. The Company will make further announcements as and when appropriate in the event of any material development on the matter. In the meantime, shareholders and potential investors of the Company are advised to exercise caution when dealing in shares or securities of the Company.

Posted In: CYD